FCMR Posted February 21, 2006 Share Posted February 21, 2006 Single allowance up to 8600 Maried 17340 Uper limit 10000 single 20000 married No taxation on benifits tax credits up to 350 Capping on the wealthy, single 100k married 200k Heating allowance up 40% Tax allowance on the 2nd home to be scraped Government now have over £1 billion in reserve accounts and its investments earned 20% last year and 15% over the previous 2 years Link to comment Share on other sites More sharing options...
FCMR Posted February 21, 2006 Author Share Posted February 21, 2006 Bell has said that with the introduction of the zero tax rate for companies, utility firms like telecom, gas mea and petrol must pass on the savings to the public. I good move if they stick to it With tax allowances only going up 2% and inflation running at 3-3% to me it looks like a rise in tax, A bit of a fat cat budget Link to comment Share on other sites More sharing options...
FCMR Posted February 21, 2006 Author Share Posted February 21, 2006 A new tax, 10% taxation on land and rental deals. almost a capital gains tax And a further 1000 houses are to be built by Local Government over the next 4 years, that should bring in more construction firms from the UK with the zero tax dodge Link to comment Share on other sites More sharing options...
When Skies Are Grey Posted February 21, 2006 Share Posted February 21, 2006 Did the VAT on supplies for property renovations/repairs stay at 5%?? Link to comment Share on other sites More sharing options...
FCMR Posted February 21, 2006 Author Share Posted February 21, 2006 Did the VAT on supplies for property renovations/repairs stay at 5%?? Yes until 2010 Link to comment Share on other sites More sharing options...
Billy One Mate Posted February 21, 2006 Share Posted February 21, 2006 Did the VAT on supplies for property renovations/repairs stay at 5%?? Yes it has letter came through to work today from Treasury. Link to comment Share on other sites More sharing options...
When Skies Are Grey Posted February 21, 2006 Share Posted February 21, 2006 OK cool...so we all did a lot of bleating for nothing then!! Keeps the price of my new kitchen down then...happy days. Link to comment Share on other sites More sharing options...
FCMR Posted February 21, 2006 Author Share Posted February 21, 2006 Link to comment Share on other sites More sharing options...
When Skies Are Grey Posted February 21, 2006 Share Posted February 21, 2006 Thanks for a copy of the letter...someone at B&B should be hanging their heads in shame... Link to comment Share on other sites More sharing options...
Tempus Fugit Posted February 21, 2006 Share Posted February 21, 2006 A new tax, 10% taxation on land and rental deals. almost a capital gains tax does that mean rents will just go up to cover it ?, it certainly won't come out of the landlord's pocket Link to comment Share on other sites More sharing options...
Slim Posted February 21, 2006 Share Posted February 21, 2006 http://www.gov.im/treasury/budget/ A surprising pre-election budget, lots of quite radical changes from the look of things: 0 rated company tax, a tax cap of 100k and a "simplification of tax relief" which is a bit worrying. The land/rent thing's always been there, I've a feeling its simply included in the budget to remind people it exists. There definately seems to be an effort to tax property speculation, although this isn't listed as an objective. Link to comment Share on other sites More sharing options...
momo65 Posted February 25, 2006 Share Posted February 25, 2006 http://www.gov.im/treasury/budget/ There definately seems to be an effort to tax property speculation, although this isn't listed as an objective. According the website "Income tax rate for land and property income remains at 10%" - doesn't that mean that whilst other income can be taxed at 18% for higher earners, land and property income will attract a maximum o 10% income tax? Doesn't that actually mean it's a good idea to be a property speculator if you are a higher rate tax payer?? Link to comment Share on other sites More sharing options...
Declan Posted February 25, 2006 Share Posted February 25, 2006 No. It means it would be better from a tax point of view to put spare cash into a bank account on the Island which is tax free. *(Assuming simillar rates of return from both investments - which probably isn't the case, visit a Independent Financial Adviser - don't listen to me) Link to comment Share on other sites More sharing options...
WilDDog Posted February 25, 2006 Share Posted February 25, 2006 Bell has said that with the introduction of the zero tax rate for companies, utility firms like telecom, gas mea and petrol must pass on the savings to the public. I good move if they stick to it With tax allowances only going up 2% and inflation running at 3-3% to me it looks like a rise in tax, A bit of a fat cat budget No he didn't say that at all. He said he hoped these companies would pass on the savings to the public. Link to comment Share on other sites More sharing options...
haX0red_Account Posted February 26, 2006 Share Posted February 26, 2006 don't think bank savings accounts are taxfree either here or anywhere really? I think it does mean that your property income gets a hit of just 10% - if you were a top-band earner and you put it in the bank then that income would be charged at 18%?...may be wrong here tho... Link to comment Share on other sites More sharing options...
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